Gift Tax in Bangladesh.pptx
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This presentation discusses the present scenario of gift tax in Bangladesh. It defines gift as a voluntary transfer of property from one person to another without consideration. It outlines the key characteristics of gifts and exemptions from gift tax under Bangladeshi law. The presentation provides a brief history of gift tax legislation and the objectives of introducing gift tax. It also describes the procedures for valuing gifts, assessing tax, applicable tax rates, and authorities responsible for administering gift tax. Suggestions are made for improving gift tax collection.
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Gift Tax in Bangladesh.pptx
- 1. Bangabandhu Sheikh Mujibur Rahman science and Technology University, Gopalganj .
- 2. Hello Everyone Welcome to our presentation
- 3. Today our presentation topic is The Present Scenario of Gift Tax in Bangladesh
- 4. Group members NAME ID NO Shazid Ahmed 17AIS019 Fatema Tuj Johora Jakia 17AIS020 Muhammad Khairul 17AIS021 Nayeem Ashraphi Tuhin 17AIS022 Minhaj Ahammed 17AIS023 Tania Pervin 17AIS024 Palash Barai 17AIS025 Kakoli Khanam 17AIS026 Md Al Amin 17AIS027
- 5. Generally, gift means a presentation or transfer of ownership of property without consideration and voluntarily by one person to another. Gift tax is a federal tax levied on a taxpayer who gives money or other items of value, such as property, to someone else. After the independence The Gift Tax Law of Pakistan (1963) was adopted in Bangladesh with some changes and modifications. It has been re-introduced in 1990 which is now known as Gift Tax Act, 1990.Under this act, gift tax is loveable on the taxable gifts made at the rate prescribed in the schedule of the gift tax act. 17AIS019 Gift Tax
- 6. Characteristics Of Gift 17AIS020 Definition Of Gift 1. Transfer of property. 2. Involvement of two parties. 3. Existing Properly. 4. Voluntary Transfer. 5. Without consideration. Gift means presentation or bestowed of something by one person to another voluntarily and without consideration. `
- 7. Exemption From Gift Tax 17AIS020 1.Gifts of immovable property situated outside Bangladesh 2.Gifts of schools, colleges, universities, hospitals, public charities, etc. approved under income Tax ordinance 1984 3.Gifts to the government or any local authority. 4.Gifts to any dependent relative up to TK 20000 on marriage occasion. 5.Gifts to any flood or disaster management fund established or approved by the government. 6.Gifts made under contemplation of death 7.Gifts under a will. The following gifts are exempted from tax under section 4 of gift tax act 1990.
- 8. History Of Gift Tax 1958 1963 1985 1990 17AIS021
- 9. Objectives of Introducing Gift Tax 1. For earning government revenue. 2. For preventing tax evasion. 3. For reducing the differentiation of wealth. 4. For re-distribution of wealth. 17AIS022
- 10. Valuation Of Gift Tax 1. For cash & saleable Goods. 2. Non-saleable Goods. 3. Others, not falling in 1&2 above. 17AIS023 According to Section 5 of Gift Tax Act,1990, Valuation of Gift for tax purpose is.
- 11. Gift Tax Authorities The Income Tax Authorities would be correspondingly acting as the Gift Tax Authorities. Normally Commissioner of Taxes, Joint Commissioner of Taxes &Tax Recovery Officers having jurisdiction as such under the ITO,1984, are the concerned authorities. 17AIS024 Default, Concealment, Fine & Its Recovery (Section 11-14) 1. Default and Concealment 2. Demand Notice (Section.13) 3. Collection of Tax and Penalty (Section.14)
- 12. Rates of Gift Tax 17AIS025 Amount of Gift Rate of Tax On 1st ৳ 20,000 Nil On next ৳5,00,000 5% On Next ৳10,00,000 10% On next ৳20,00,000 15% On next balance amount 20%
- 13. Gift Tax Assessment Procedure 17AIS025 Following Steps Are Followed In Gift Tax Assessment Step-1 Identifying and computing taxable gifts. Step-2 Aggregating taxable gifts. Step-3 Computing gift tax. Step-4 Payment of gift tax.
- 14. Present Condition Of Gift Tax 1. Gift tax Act, 1990. 2. Gift tax Rules, 1990. 3. Circulars & notification issued by NBR relevant to gift. 4. Finance Acts of concerned year as passed by parliament of Bangladesh. 5. Case laws relevant to Gift and Gift taxes. 17AIS026
- 15. Advice For Improving Gift Tax Collection 1. Improve communications with taxpayers. 2. Capacity development and sufficient manpower. 3. Provide awareness for booth tax collector and taxpayer. 4. Strict maintain of Gift Tax Act. 17AIS027